70% of MZ Generation Say They Will Consume "Good Food" Alternative Meat

Rapid Growth in Global and Domestic Alternative Meat Industry
Main Consumers Are MZ Generation Prioritizing 'Value Consumption'
Resistance from Traditional Livestock Industry

Alternative Meat Brand Better Meat (Photo by Shinsegae Food)

[Asia Economy Intern Reporter Lee Seohee] The alternative meat market is growing rapidly. The main drivers of this growth are the increased environmental awareness and the rise in the vegetarian population due to COVID-19. Additionally, with the recent emergence of ‘Meaning Out’?a trend among the MZ generation (Millennials + Generation Z) that emphasizes personal beliefs and values?the 2030 age group is becoming the main consumer base in the alternative meat market.

According to global market research firm Euromonitor, the global alternative meat market size was $5.364 billion (approximately 6.47 trillion KRW) last year. This represents about a 10% increase compared to the previous year ($4.9397 billion). It is expected to grow to $6.036 billion (approximately 7.28 trillion KRW) in 2023.

Although still modest compared to the global market, the domestic alternative meat industry is also growing rapidly. The size of the domestic alternative meat market was $10.3 million (11.5 billion KRW) in 2020, and it grew by 35% to $13.9 million (15.5 billion KRW) in 2021. There is even a forecast that by 2040, alternative meat will account for more than 60% of the entire meat market.

The popularity of alternative meat is driven by increased environmental awareness and the rise in the vegetarian population due to COVID-19. Alternative meat refers to food products made from proteins extracted from plants such as soybeans, wheat, mushrooms, and pumpkins, designed to resemble traditional meat. Unlike conventional meat, alternative meat production does not emit greenhouse gases. According to the United Nations Food and Agriculture Organization (FAO), livestock worldwide accounts for 14.5% of total greenhouse gas emissions. Among these, emissions related to cattle make up 65% of that amount, primarily due to methane gas from cattle burps and flatulence. Consuming alternative meat can significantly reduce these emissions.

MZ Generation (Photo by Yonhap News)

The MZ generation, which values ‘value consumption,’ focuses on the eco-friendly aspects of alternative meat. According to a survey conducted in February this year by Shinsegae Food through polling agency Embrain, targeting 1,000 men and women aged 20-30 nationwide, about 70% expressed willingness to consume alternative meat for environmental and animal welfare reasons. Alternative meat, as a ‘good food’ option that supports the environment and animal welfare, is appealing to the consumption desires of the MZ generation. Professor Lee Eunhee of Inha University’s Department of Consumer Studies said, “The MZ generation actively practices and spreads values they consider desirable,” adding, “Young people sensitive to fairness and justice are likely to become the main consumer base of the alternative meat market.”

In response, domestic food companies are moving quickly to target the alternative meat market. Currently, companies such as Lotte Foods, Lotte GRS, Sajo Daerim, Dongwon F&B, Taekyung Nongsan, and Jigu & Company are manufacturing and distributing plant-based alternative meat. Notably, the Nongshim Group sells its independently developed alternative meat through its affiliate Taekyung Nongsan and opened Korea’s first vegan restaurant, ‘Veggie Garden,’ in April. Shinsegae Food also launched its independently developed alternative meat brand ‘Better Meat’ in 2016 and announced plans to release alternative meat sausages this year.

However, as the alternative meat market grows, shadows are cast over the traditional livestock industry, which is being impacted across the board. The Hanwoo (Korean beef) Self-Help Fund Management Committee, established to promote the Hanwoo industry, stated in March this year that “alternative meat made from plant proteins tastes and feels similar to traditional meat but has different nutritional components, so it cannot be considered meat,” and warned that “additives used to mimic the taste of real meat may cause health issues.”

The Livestock-Related Organizations Council argues that alternative meat sales should be banned in the livestock sections of large supermarkets. Lee Jung-hoon, team leader of the Livestock-Related Organizations Council, said, “We cannot stop the rise of alternative foods, but regulatory measures are necessary. It is inappropriate to sell alternative foods containing no meat in the livestock section or to use the characters ‘육 (meat)’ and ‘유 (milk)’ in their labeling.”

This content was produced with the assistance of AI translation services.